2019 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 1 - Banking Generally
Section 58-1-1 - Short title.

Chapter 58, Articles 1, 2 through 6 and 8 NMSA 1978 may be cited as the "Banking Act".

History: 1953 Comp., § 48-22-1, enacted by Laws 1963, ch. 305, § 1; 1997, ch. 23, § 1.

Cross references. — For Trust Company Act, see 58-9-1 NMSA 1978.

For disposition of unclaimed property, see Chapter 7, Article 8A NMSA 1978.

The 1997 amendment, effective July 1, 1997, rewrote the section.

No due process violation by former banking act. — Former State Banking Act (Laws 1915, ch. 67, now repealed) did not violate due process of law where it prohibited engaging in banking business to all except those organized under its provisions. First Thrift & Loan Ass'n v. State ex rel. Robinson, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582.

State constitution not violated by former banking act. — Title of former State Banking Act (Laws 1915, ch. 67) was broad and did not violate N.M. Const., art. IV, § 16. First Thrift & Loan Ass'n v. State ex rel. Robinson, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582.

Reason for enactment of statute containing special provisions for incorporation of banks. First Thrift & Loan Ass'n v. State ex rel. Robinson, 1956-NMSC-099, 62 N.M. 61, 304 P.2d 582.

Banks chartered under Banking Act are limited to powers expressly conferred by the act. 1979 Op. Att'y Gen. No. 79-06.

Banking Act does not authorize issuance of preferred stock to raise equity capital. 1979 Op. Att'y Gen. No. 79-06.

Am. Jur. 2d, A.L.R. and C.J.S. references. — Bank officer's or employee's misapplication of funds as state criminal offense, 34 A.L.R.4th 547.

Bank's liability for breach of implied contract of good faith and fair dealing, 55 A.L.R.4th 1026.

Exclusion from debtor status of banks and the like by § 109(b)(2) of Bankruptcy Code (11 USCS § 109(b)(2)), 87 A.L.R. Fed. 282.

Construction and application of pre-emption exemption, under Employee Retirement Income Security Act (29 USCS §§ 1001 et seq.), for state laws regulating insurance, banking, or securities (29 USCS § 1144(b)(2)), 87 A.L.R. Fed. 797.

9 C.J.S. Banks and Banking § 36.